Rafael Benítez has conceded that his willingness to sign Craig Bellamy and Jermaine Pennant, players with chequered pasts, constitutes a "risk", though the Liverpool manager is confident he will benefit from the fact that both recognise this as their last opportunity to thrive at one of the Premiership's biggest clubs.

Pennant trained with his new team-mates at their camp in Switzerland for the first time yesterday after completing his £6m transfer from Birmingham City. Pennant served 30 days in prison last year for drink-driving while banned with no insurance, and Bellamy will appear in court over an incident at a nightclub. "Of course there is risk in the deal but there is risk in every transfer," said Benítez.

"We know it's similar to Craig Bellamy because this is Jermaine's last opportunity to show he is a good player at a really big club. When you sign a player that's been at a big club before but had problems, you know he will think more about the consequences of everything he does. It's a big motivation for them to hear people say they're more mature, are different and have the quality to play for a top club. I believe when a player changes, shows he is more mature and proves to everyone he has the quality and the ability to end any problems, that makes him an even better player and person."

Liverpool hoped to sign Sevilla's Daniel Alves but turned to Pennant when the Spanish club priced them out. "Jermaine is a player we've liked for some time," added Benítez. "He makes a lot of assists, is a good crosser and has a lot of pace."

Liverpool were last night told to "put up or shut up" by the councillor in charge of the city's economic development with the club's inability to secure private investment to fund a new stadium on Stanley Park having cost them preferred bidder status for a £9m grant issued by the European Objective One committee.

The club hoped to use that money to regenerate the Anfield and Breckfield areas around a new 60,000-seat stadium. They will now have to compete with other schemes for European funds after the council last night set a deadline of September 28, when their projects' committee is due to meet, for Liverpool to prove they have the private funding needed.

"The feeling at today's monitoring committee is that we are determined this £9m will not be lost to Merseyside," said councillor Flo Clucas last night. "The clock is ticking. Put simply, it is time for the club to put up or shut up."